Debit cards

[Ima saver]

Re: Debit cards

I don't have a debit card at all. I also do not know how to cut and paste. I don't know how to do anything on a computer but type.
Clark Howard is against debit cards. By the way, There are 2 types of debit cards, direct debit cards and deferred debit cards.
A direct debit card requires a PIN, the deferred debit card requires users signature.
The deferred debit card has a visa or m/c logo. It will take 2 or 3 days to clear your bank account.

[JoyJoy]

Re: Debit cards

I went to Google.com and

(1) Typed in Debt Proof Living Home
(2) Where it says "Current issue DPL" I clicked on that and it took me to the article Ima is talking about.

Ima, don't feel bad...if you are like me, you're fortunate to find your way back to this site!

[rduell]

Re: Debit cards

I think they are not asking you if you "want" debit or credit. The store is asking you whether you have a debit card or a credit card, because they process them differently. I don't think the same card can function as either a debit or a credit card. (But I could be wrong. Happens all the time. ) So it depends on what's in your wallet.

Debit card: acts like a check that clears instantly, so the money is taken out of your account immediately

Credit card: gets charged to your account immediately for payment later, depending on the due date for your account

Thanks for the replies.

I have used the same card for both debit and credit. If I choose debit, I put in my pin number. If I say credit they have me sign. But both ways take the money out of my account that same day. I have checked on-line. This is the card that was issued by my bank for ATM use, if that makes any difference. It has a Visa logo on it. I've used it for years like this. I just wondered if there was any more protection by choosing one over the other.

[PRICEPLUS]

Re: Debit cards

I believe Sweepsplayer has laid it our quite succinctly about debit cards!

[Gruntina]

Re: Debit cards

Thanks for the replies.

I have used the same card for both debit and credit. If I choose debit, I put in my pin number. If I say credit they have me sign. But both ways take the money out of my account that same day. I have checked on-line. This is the card that was issued by my bank for ATM use, if that makes any difference. It has a Visa logo on it. I've used it for years like this. I just wondered if there was any more protection by choosing one over the other.

I do the same thing. I prefer to use Debit instead of Credit because you need a pin number to get approved for the payment. If I used Credit... anyone can swipe the card and forge my signatures.... (This is why I always write "Please see ID" on all of my cards so it can not be copied). But often, my card does not get check with ID. I rather the ATM is a Debit only card so no one can steal it and use it as a Credit. But again, some cashiers do not even bother to check ID and signature matching.

[sweeps]

Re: Debit cards

I'm not sure which is worse, someone getting a hold of your signature (which they could get on any document you've ever signed), or someone watching you enter your PIN at the checkout.

[Gruntina]

Re: Debit cards

Its verly likely someone can get ahold of your signature (very easy to do). I think there is a greater chance of than than somone catching the pin code. I am not saying the PIN does not happen since they do.

[gavinmccallister]

Re: Debit cards

I have heard that when a retailer processess a card as a debit card the bank pays the processing fees, and when it is run as a credit the retailer pays the processing fee. and I have heard some banks are including the fee for processing the debit onto the customers statement. so you should verify with your bank and make sure they aren't charging you a fee.

I have seen alot of retailers pushing the debit function to save the processing cost

[Gruntina]

Re: Debit cards

I have heard that when a retailer processess a card as a debit card the bank pays the processing fees, and when it is run as a credit the retailer pays the processing fee. and I have heard some banks are including the fee for processing the debit onto the customers statement. so you should verify with your bank and make sure they aren't charging you a fee.

I have seen alot of retailers pushing the debit function to save the processing cost

Wendy's in my area consider Debit charge to be an "ATM" function even though it’s at the cashier register. They put additional charge on the debit card as a service fee. I think any aspects needs to be watched out for and use your best judgment on whether using Debit or Credit for each purchase.

[JoyJoy]

Re: Debit cards

I'm not sure which is worse, someone getting a hold of your signature (which they could get on any document you've ever signed), or someone watching you enter your PIN at the checkout.

Decisions, decisions, decisions!!! Makes one just want to use cash only and forget the cards!!

[tabbycat31]

Re: Debit cards

I refuse to use my debit card. Fraud on the account had me spending hours on the phone with the bank clearing it up. I only use it at ATMs. I pay cash for most and put gas on a CC

[lrjohnson]

Re: Debit cards

I think they are not asking you if you "want" debit or credit. The store is asking you whether you have a debit card or a credit card, because they process them differently. I don't think the same card can function as either a debit or a credit card. (But I could be wrong. Happens all the time. ) So it depends on what's in your wallet.

I use the same physical card as both debit and credit. As debit hits it hits immediately, and credit doesn't always. I can then enter my PIN or sign.

I am exceedingly debt averse, which is why I mostly use debit. I'll probably switch, I know there are very good reasons, but I really hate owing. I did have my debit "swiped"/stolen (they stole magnetic info somehow), and it was sort of a hassle, but as I've posted elsewhere I adore my credit union, they made it so easy to deal with and reversed any fees on the "overdrafts" (transfers from savings).

(This is why I always write "Please see ID" on all of my cards so it can not be copied).

Remember to also sign. To be technical the card does have to be signed, and I worked at a business (national chain) that followed that; "see id" by itself and we couldn't take the card, "see id" after or before signature and we'd take the card and check id. People would get upset, but we had to explain we were enforcing the credit card rules, not our rules. My one credit card on the back does say "not valid unless signed" twice, in large and small print.

[safari]

Re: Debit cards

I found this article that explains the difference between debit and credit http://hffo.cuna.org/12433/article/1171/html

[Ima saver]

Re: Debit cards

Well, the way I read the article, debit cards are not a good thing. You have much more protection if you use a credit card. I am like one of the other posters, I prefer to use cash or write a check.

[disneysteve]

Re: Debit cards

Well, the way I read the article, debit cards are not a good thing. You have much more protection if you use a credit card. I am like one of the other posters, I prefer to use cash or write a check.

I agree that debit cards aren't nearly as good as credit cards. I never use a debit card. We use our credit cards for everything we possibly can and rack up hundreds of dollars a year in rewards.